Mylan Raises Offer For Perrigo - Quick Facts

(RTTNews) - Mylan N.V. (MYL) announced that it has increased its offer to acquire the issued and to be issued shares of Perrigo (PRGO). As per the terms of the increased offer, Perrigo shareholders will receive $75 in cash and 2.3 Mylan ordinary shares for each Perrigo ordinary share.

Based on Mylan's closing stock price of $68.36 on April 8, 2015, the first day of market reaction to the initial proposal, the value of today's offer is $232.23 per Perrigo share.

As a result of the Increased Offer, it is expected that, following the consummation of the transaction, Mylan shareholders will own approximately 60.7% of the outstanding Mylan ordinary shares on a fully diluted basis and former Perrigo shareholders will own approximately 39.3% of the outstanding Mylan ordinary shares on a fully diluted basis.

Last week, Generic drugmaker Perrigo said that it rejected the unsolicited offer from larger rival Mylan NV to acquire all of the outstanding shares of Perrigo for $60.00 per share in cash and 2.2 Mylan ordinary shares for each ordinary Perrigo share.

The Perrigo board previously concluded that Mylan's unsolicited proposal of $205.00 per share significantly undervalued the company and its future growth prospects and was not in the best interests of Perrigo's shareholders.